Element close to buying PHH's fleet leasing unit -source

NEW YORK May 30 (Reuters) - Canadian equipment finance
company Element Financial Corp is close to a deal to
buy PHH Corp's auto fleet leasing business for about
$1.35 billion in cash, according to a source familiar with the
matter on Friday.

The boards of the two companies are expected to meet this
weekend to approve the transaction, the terms of which are being
finalized, the source said. A deal for the unit, PHH Arval,
could be announced as soon as Monday, the source said.